Businesses are able to move quickly if they are up to date with most advanced technology. However, being caught up in the physical world can impede progress. It costs money and time to attend a meeting in person or connect remotely to the data room. A virtual dataroom (VDR) is a simple and cost-effective means of sharing documents in any transaction.
VDRs assist companies in managing sensitive information and ensure security throughout the process. They can also boost productivity and collaboration by offering features like in-app and email support, remote access and granular permissions. This helps facilitate the negotiation of complex transactions that require input from a variety of stakeholders.
Investment banks typically use VDRs. VDR in order to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to manage a $45 Billion deal with US Bancorp. Real estate services company CBRE integrated the VDR into its workflow to streamline document sharing and storage during property transactions. The platform also helped them better know what information buyers and sellers value the most.
The pharmaceutical industry is not a stranger to the need for secure data management, especially when it comes to developing drugs or conducting clinical trials. With the VDR, Pfizer and AstraZeneca collaborated on a drug to combat viruses and shared the results of their clinical trials and manufacturing processes in a secure environment. This allowed them to keep confidentiality while working across continents.
A good online vdr should also have robust reporting capabilities that can aid in ensuring that deals are on track. For example, VDRs can present detailed reports of how long each file has been viewed and by who. This is an advantage over cloud storage solutions that only provide limited reporting.
